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APRA admits to pursuing just one sole purpose test issue in 30 years

Amid strong questioning by Government parliamentarians about how regulators monitor the superannuation sole purpose test, APRA has admitted it has only pursued one such case in the past 30 years.

AFCA's inbuilt moral hazard for financial advisers

Frivolous and vexatious consumers should be made to pay for their persistent use of the Australian Financial Complaints Authority against advisers, according to the Financial Planning Association.

The Australian Securities and Investments Commission had fallen short in its review of claims-handling by not sufficiently consulting advisers and clients, according to Integrity Resolutions principal, Col Fullagar.

Have claims-handling bad habits returned to life insurance?

Life insurance claims specialist, Col Fullagar says life insurers appear to be falling back into their bad old ways, including using the Government’s COVID-19 stimulus measures such as JobKeeper against people on claim.

Count lures 11 IOOF/MLC firms and 30 advisers

Count continues to target the IOOF/MLC Wealth acquisition has a recruiting ground for firms and planners.

Govt accused of distorting the law on superannuation

The Federal Government has been accused of extraordinary and undemocratic legislative over-reach by trying to gain control of how superannuation funds invest on behalf of their members.

New South Wales has outperformed the rest of the country, as east coast states and territories remained ahead of the pack.

Industry news

Yarra completes acquisition of Nikko AM

All investment personnel will remain in place, and Nikko Asset Management will have a 20% stake and board representing in the enlarged group.

12 April

Industry news

T. Rowe makes APAC leadership hire

Mike Weigand has been appointed to the newly-created role of Asia Pacific regional operating officer.

12 April

A law firm has warned on the restrictive definitions of what qualifies as a fixed trust for tax purposes, adding it must not be assumed a unit trust was necessarily a fixed trust.

Money Management Original

APRA admits to pursuing just one sole purpose test issue in 30 years

Amid strong questioning by Government parliamentarians about how regulators monitor the superannuation sole purpose test, APRA has admitted it has only pursued one such case in the past 30 years.

12 April

Industry news

Michael Ohlsson takes partnership in Evergreen

Evergreen Consultants is underpinning its recent growth with the appointment of industry veteran, Michael Ohlsson, as executive director and partner.

12 April

Industry news

The possible $4bn cost to vaccine roll-out delay

The delay to the COVID-19 vaccine roll-out could cost the Government more than $4 billion and increase the likelihood of lockdowns and restrictions.

12 April

Industry news

First-time investors get it wrong: Wealth Within

Buying into something that has already risen strongly and believing you will gain the same return in the future is a flawed strategy, Wealth Within warns.

12 April

Constant tinkering and complexity of the superannuation make family home better than super and may help fund the retirement, according to Homesafe MD.

Industry news

Homeowners will need six figures to secure deposit

Research from Finder finds that 11% of aspiring new home buyers will need more than a decade to get a deposit together.

12 April

Industry news

Amundi relaunches fund with climate goals

The Amundi Responsible Investing: Just Transition for Climate fund will aim to support the energy transition to reduce carbon footprint.

12 April

Money Management Original

Advisers find exits and revolving doors

Competition generated by IOOF’s acquisition of MLC Wealth has seen the new quarter start with increased movement of advisers between licensees, with a net gain of 33 roles in April so far.

9 April

Money Management Original

CFS to close cash and term deposit products

Attributing the move to its upcoming separation from the Commonwealth Bank, Colonial First State has confirmed the closure of key cash and term deposit products.

9 April

AXA Investment Management is pushing the view that investors can learn from the insurance sector’s approach to target return strategies.

Money Management Original

APRA moves to tighten reinsurance rules

Life insurers will find their ability to use offshore reinsurers limited by new moves being pursued by the Australian Prudential Regulation Authority.

9 April

Investors preferred active managers, but would hunt around if they underperformed over one to three years, according to a survey from MFS and CoreData.

Industry news

Super performance test gives poor performing funds ‘leg up’

The test does not include admin fees and other non-investment charges which could lead to superannuation funds charging up to four times the median fees, Industry Super Australia believes.

9 April

ACS Fixed Int - Australia/ Global Bond

	Fund	3y(%) pa
1	IOOF MultiMix Diversified Fixed Interest ATR in AU	4.09
2	PIMCO Diversified Fixed Interest ATR in AU	3.80
3	Macquarie Dynamic Bond ATR in AU	3.63
4	Onepath Wholesale Diversified Fixed Interest Trust ATR in AU	3.62
5	UBS Diversified Fixed Income Fund ATR in AU	3.57